Finance: The Huge Group declares maiden dividend
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The Huge Group in Gauteng, which listed on the AltX on 8 August 2007, has announced that it has declared a maiden cash dividend of 12 cents per share for the year ended 29 February 2008. This is in line with its stated dividend policy of a dividend cover of 2x. The company produced a respectable set of maiden results for this period, which exceeded its original profit forecast published in its prospectus by 169%.
The group revised its original profit forecast published in its prospectus of 16.42 cents per share to 34.77 cents per share after its acquisition of Centracell (Pty) Ltd. It then released a further trading statement, on 24 April 2008, informing the market that it expected to exceed its revised profit forecast by betwee n 10% and 20%. The final annualised headline earnings per share for the seven-month trading period ending 29 February of 44.17 cents exceeded this by a further 7%.
The Huge Group CEO Anton Potgieter comments, "We are delighted to be able to pay this maiden dividend after our first set of results. We are firmly on track with our listing objectives, and are already looking forward to presenting the market with our next set of results, as we grow the Huge Group from strength to strength."
The Huge Group has 106 760 000 ordinary shares in issue.
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